my vil/vilo valuation

conservatively :
24BCF (lowest predicted value) of gas 4.50. gas at $4.5 MMbtu and 50% stake (assume $1/50 cost)*1.1 to convert into AUS dollar=$40million
7 million (lowest predicted value) barrels of oil @ $77 per barrel (the cost of pulling one barrel out of the ground is on average about $7USD and 50% stake=$269 million
total=309 million. and assume it takes 10 years to produce this:
$30.9M/.2(1-(1/(1.2^10))=$129 million today (using a very high discount rate)
360 million shares on issue....is 36c per share.
70% success=expected payoff of 25cents per share
options would be worth about the share price if they were that far in the money ....am i missing something or if this pays off are we looking at 10x value for shares and 26x for the options...
Someone check if what I have done is orrect, as if it is then the upside is huge!
Cheers,
Bigdig